By Paul A. Harris
Portland, Ore., Sept. 24 - ADT Corp. priced a $1 billion issue of eight-year senior notes (Ba2/BB-/) at par to yield 6¼% on Tuesday, according to a market source.
The yield printed on top of yield talk.
Goldman Sachs & Co., Deutsche Bank Securities Inc., Citigroup Global Markets Inc. and J.P. Morgan Securities LLC were the joint bookrunners.
The Boca Raton, Fla.-based provider of security services for homes and businesses plans to use the proceeds to repay revolver debt, to repurchase outstanding common stock and for general corporate purposes, including acquisitions.
| Issuer: | ADT Corp.
|
| Amount: | $1 billion
|
| Maturity: | Oct. 15, 2021
|
| Securities: | Senior notes
|
| Bookrunners: | Goldman Sachs & Co., Deutsche Bank Securities Inc., Citigroup Global Markets Inc., J.P. Morgan Securities LLC
|
| Coupon: | 6¼%
|
| Price: | Par
|
| Yield: | 6¼%
|
| Spread: | 389 bps
|
| Call protection: | Non-callable
|
| Make-whole: | Treasuries plus 50 bps
|
| Trade date: | Sept. 24
|
| Settlement date: | Oct. 1
|
| Ratings: | Moody's: Ba2
|
| Standard & Poor's: BB-
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 6¼% area
|
| Marketing: | Roadshow
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
